Time Warner posts higher third-quarter profit

N – Time Warner Inc on Wednesday posted a higher profit for the third quarter, as the media company's growth in its cable networks offset declines in its film and TV entertainment business.

Net income for the company, which owns a host of cable networks, premium TV service HBO, magazines and a movie studio, was $838 million, or 86 cents a share, compared with $822 million, or 78 cents a share, a year earlier.

Revenue fell 3 percent from a year earlier to $6.84 billion. Analysts were expecting revenue of $6.89 billion, according to Thomson Reuters I/B/E/S.